Customers can pay in installments at more retailers, including big players like Topshop, ASOS, and H&M. Find out moreSplititA global provider of installment payment solutions, e-commerce platform iPay, discovered that 35% of online shoppers would be more inclined to purchase online if they could pay in monthly, interest-free installments.
Splitit CEO Brad Paterson stated, “What we have found from our customers was that one of our greatest parts about making purchases through our service is its price and interest-free month payments which allows them manage cash flow and spread their payments over a period of time.” Splitit customers find it easier to make purchases and can borrow the amount they need.
Consider What Your Customers Want
Splitit’s buy now, pay later service is not new. There are many competitors like Klarna or Affirm. Why would shoppers want to have installment options? According to a survey, it seems that most shoppers have credit cards. This is especially true in the U.S. where more than 70% of shoppers have cards. In Europe, however, only 34% of people have credit card.Splitit report.
Consumers can pay as they wish with credit cards. Installment plans might even seem like a throwback, as installment plans were introduced by retailers over a century ago to help consumers extend credit before formalized credit systems became more common.
Are Installment Plans Right for Your Store? __S.16__
Paterson stated that this premium installment plan can help retailers improve their websites and conversions. Splitit is a great model for reducing the obstacles that ecommerce presents. It offers a competitive price and enables you to checkout quickly.
It is easy to frustrate customers and make them leave. Splitit found that 87 per cent of online shoppers will abandon their carts at checkout if it is too difficult, and 55 per cent of online shoppers would never return to the site.
Splitit does not provide installments on credit cards at point of sale. This allows merchants to take installments from any consumer with a credit card. Splitit will place a hold on any transaction once it is completed and then bill the customer in monthly installments. Splitit will use this process to help consumers manage their purchases better and leverage credit cards from the current market.
Not so Fierce
Splitit, unlike its competitors approves all customers for purchases without any credit checks or applications. Splitit is the only provider to offer installments on credit cards. Other providers provide financing. There is no expiration, and customers can manage their purchases by placing them on an installment plan.
Paterson suggests that retailers carefully review the revenue models of buy-now-pay later providers. These can increase cost and add additional setup fees and payment processing charges over and beyond the standard merchant fees charged to the merchant’s bank. Splitit uses the customer’s existing card so there is no additional hassle. There are no credit checks or background checks to complete, and Splitit doesn’t charge any additional fees. Consumers want a seamless checkout experience, so adding extra steps to the process is not advisable.
The Payment Landscape Guide
Splitit’s new objective is to help retailers select the best buy-now-pay later option for their customers.Guide. This provides retailers with advice on assessing providers, as well as an easy-to use grid to compare providers via late fees, geographic availability and credit checks.
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